Australian fintech firm Block Earner is charging ahead with plans to launch a crypto-backed loans product, despite staring down an upcoming court date with the financial regulator for allegedly offering financial products without a license.
The new crypto loan product allows Australian crypto investors to use crypto as collateral to borrow cash. Similarly, a Colorado-based lending platform called SALT offers crypto-backed loans to U.S. clients. The major cryptocurrency exchange Coinbase (NASDAQ:COIN) once offered a similar service to its U.S. customers but shuttered it in May this year.
